JEPI - Will Housing Save The U.S. Economy?

• It's a tall order but housing is enjoying a V recovery and history suggests that this key slice of the economy plays a critical role in the business cycle. Is this a macro silver bullet for 2020 and beyond?
• It's unclear if the August stumble in starts and permits is an early warning sign or noise. But with new jobless claims still rising dramatically each week, it's too soon to conclude that housing's recovery to date will continue.
• The one thing that all economists can agree on at the moment: the business cycle is unusually vulnerable to weaker-than-expected jobs data.

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